House Valuation

practice

When my son bought his house it was valued at 300,000 by the EBS

Now he is trying to sell it and a prospective buyer has had it valued by same EBS at 200,000.

How can they do this and is there anything he can do.

Calibos

I think I know why this poster didn't post this in the proper forum.

They'd have been laughed out of the place!

Good Grief!!

Cabaal

moved from gardening forum.

Cathmandooo

When did your son buy the house?

silja

House prices can go down as well as up; that is why so many home owners are now in negative equity.

Have a look at comparable houses in the same area on myhome.ie or similar site for comparison of current house prices- Is there any reason you believe the new (or old!) evaluation is wrong?

D3PO

practice wrote: »

When my son bought his house it was valued at 300,000 by the EBS

Now he is trying to sell it and a prospective buyer has had it valued by same EBS at 200,000.

How can they do this and is there anything he can do.

WARNING THE VALUE OF YOUR INVESTMENT MAY GO UP OR DOWN.

Footnote on almost every financial contract.

Its worth what its worth. You son is caught in negative equity same as hundreds of thousands of others in this country. Nothing unusual there.

I hope he didnt get purchasing advice in the gardening forum though.

It would however explain the reason hes been caught out so badly :D:D;):p

dan_d

Em - where have you been living for the last 2 years? Haven't you heard of Negative Equity?
That's it.The house is now worth 100,000eur less than what it was paid for.It's where most of us are right now.Sucks, but there you have it.

mathepac

This might not be the most informed or reliable of sources, but it serves to illustrate what "the bubble" did to property prices over time - http://en.wikipedia.org/wiki/File:Ireland_house_prices.png

Was the garden valued separately?

Kosseegan

The EBS does not value houses. The market does! Your son can either solve the economic problems of the country or else live with the fact that the house has devalued.
I hope you did not tell him to hurry up and get on the ladder or worse still give him money to get on the ladder.
I also hope you did not tell him rent is dead money.

ricman

look on daft ie ,similar houses in the area,same spec ,size,what price are they?
AN estate agent will call and value your house for free, takes maybe ten minutes.You dont take the esb banks word,house is worth x ,they may be right or they just want a quick sale.HOUSE s in estate x tend to be of similar price,depends on garden size,is there a modern fitted kitchen,alarm,new windows etc is there 2 bathrooms.estate agents value houses or other experts,bankers provide finance, loans .i would not ask a doctor to fix my car .mechanics tend to be more useful in that respect.

Tigger

i was looking at a house for sale by owner @ 250000
the valuation person the bank wanked asked me how much it was
i said 350000 she valued it at 350000

i queried this with the bank manager and he said there was no such think as a house value only a house price althopugh you could get an insurance house value but it wouldn't include the garden

so i realised it was all a scam and didn't buy
thyat was 2006 the house is still up for sale and i still rent

if i'd have wanted too i could have paid 350000 and got 90% morgage on that house

ffs it reminds me of an episode of the soppranos

mazza

Tigger wrote: »

the valuation person the bank wanked asked me how much it was

My kind of bank!

Snakeblood

Tigger wrote: »

i was looking at a house for sale by owner @ 250000
the valuation person the bank wanked asked me how much it was
i said 350000 she valued it at 350000

Well, if the bank did that to them, I'm not surprised.